Depositors may request repayment of their deposits before maturity. Repayment of term deposits before maturity is permissible.
In the event of the FDR being closed before completing the original term of the deposit, interest will be paid at the rate applicable on the date of deposit, for the period for which the deposit has remained with the Bank, the contracted rate whichever is lower without charging any penalty for premature closure.
No interest will be paid on term deposit which remain with the bank for less than 7 days. In case the depositor desires to renew the deposit by seeking premature renewal, the deposit is renewed for a period longer than the balance period of the original deposit.
Recurring Deposit Cumulative Deposit Union Monthly Plus. Fixed Deposit Short Deposit Receipt Fixed Deposit Receipt Monthly Income Scheme DRIC Union Tax Saver Deposit Union Capital Gains Deposit Easy Tax Saver Deposit Scheme Gold Monetisation Scheme. Useful Information Benefits for Senior Citizens Guidelines on Operations Nomination Facility Death Claims for Deposits Online Application Rights of Banks Customers.
Senior citizens are offered additional interest of 0. For Useful Information please click the links below: Benefits to Senior Citizen Operation of Accounts Nominations Service Charges.
What is the range of tenure for which I can open a FDR account? The minimum amount that can be deposited for 7 to 14 days is Rs. At what frequency will I receive interest on my FDR?
For the Traditional scheme, the interest on the Fixed Deposit Receipts FDR account is credited to the Savings account specified by you on a monthly basis or on a quarterly basis.
For the Reinvestment scheme, called DRIC, the interest is compounded to the principal amount on a quarterly basis. Is TDS applicable on FDRs? Tax is deducted at source, from the interest on Fixed Deposits, as applicable, as per the Income Tax Act, How do I approach Union Bank to open a FDR? Call us at our 24x7 Call Centre You can just walk into any of our branches. Will I get a FD receipt? Yes, if you request for your FDR receipt, we will dispatch it to you by courier at the address given by you at the time of opening the Fixed Deposit Account.
Do Senior citizens get any extra benefit on the FDRs?
Free Legal Form: Earnest Money Receipt Agreement
Yes, they do get extra benefits in the form of higher interest rates. Can I redeem my FDR before the original term? Yes, FD can be closed before the original term of the FDR. In the event of the Fixed Deposit being closed before completing the original term of the deposit, interest will be paid at the rate applicable on the date of deposit, for the period for which the deposit has remained with the Bank or the contractual rate, whichever is lower without charging any penalty for premature withdrawal.
Can I obtain a loan from Union Bank on the security of my FDR?
Deposit Receipt Definition and Examples for Real Estate
How do I redeem my FDR? After maturity of your FDR, you can walk into any Union Bank branch across the country and claim your deposit by furnishing your Fixed Deposit receipt What are nomination facilities available on FDRs? The facility of Nomination is available for relationships in earnest money receipt definition names of individuals.
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Subject to applicable TDS. Interest will be paid on quarterly basis and in case the date of interest payment falls on holidays then on the next working day. Payment and Renewal of Deposits Before Maturity.
After maturity of your FDR, you can walk into any Union Bank branch across the country and claim your deposit by furnishing your Fixed Deposit receipt. I am a contractor and maintain Current Account with your Branch since the Branch was opened.
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